Kuwait Court of Cassation principle number 3624

Concessions provided for in Law 41 of 1993 and its amendments. Condition for the debtor to benefit from them. His compliance with the provisions imposed on him by law. His failure to authenticate the acknowledgment provided for therein and failure - 610 - Commercial to express his wish to choose the method of payment within the prescribed periods. Effect thereof. The debt becomes due, and he is obliged to pay it, its accessories, and any portion thereof that had been waived, up to the date of payment. His failure to pay the entire indebtedness. Cessation of payment justifying a declaration of his bankruptcy. Contravention thereof. An error in applying the law. - Settlement conducted by the Public Investment Authority in its capacity as administrator of the bankruptcy estate. Its proposals concerning composition. Must be submitted to the court. It may not conduct immediate cash repayment of the debt or reschedule it outside the scope of the articles of the law, or conclude a composition to avert bankruptcy.